Mumbai: Lotte India Corp. Ltd, previously known as Parrys Confectionery Ltd, said on 23 June it will delist from all stock exchanges of the country.
The board of directors of the company at its meeting on 21 June, decided to delist the shares of the firm from all the stock exchanges, subject to shareholders’ approval, Lotte India said in a filing to the Bombay Stock Exchange.
The Annual General Meeting of the shareholders is scheduled for 22 July.
Earlier in January 2004, Murugappa Group, promoter of Parrys Confectionery, divested its stake representing 60.39% to Korean firm Lotte Confectionery Co. Ltd.
The shares Lotte India positively to this news as it surged 5% and touched its upper circuit limit in a weak market, as analyst believe the move would result in a buyback offer, wherein the company would have to buy back its shares from the public and institutional shareholders.
For the quarter ended March 31, Lotte Confectionery had 80.39% stake and the remaining shareholding was with institutional and public shareholders.